In 2003,the Force Partnership purchased an apartment building for $600,000 and paid an additional $10,000 in acquisition fees.Tthe partnership properly claimed $130,000 in depreciation on the building.In 2013,Force allows the building to be foreclosed by the bank for $490,000,the amount of the outstanding loan principal.What is the realized gain or loss,if any,for the partnership resulting from the foreclosure?

Question

Quizplus · Accepted Answer

The Answer of In 2003,the Force Partnership purchased an apartment building for $600,000 and paid an additional $10,000 in acquisition fees.Tthe partnership properly claimed $130,000 in depreciation on the building.In 2013,Force allows the building to be foreclosed by the bank for $490,000,the amount of the outstanding loan principal.What is the realized gain or loss,if any,for the partnership resulting from the foreclosure?

In 2003,the Force Partnership Purchased an Apartment Building for $600,000